Journey 37 · Adultingbuildingstewarding
Buy a Home Without Regret
“The mortgage payment is less than my rent, so buying is obviously better. Right?”
You become: Someone who bought with their eyes open
The payment is roughly two-thirds of what owning costs. Taxes, insurance, PMI, maintenance and closing costs are the rest — and the first years of a mortgage are almost all interest.
Understand
Every cost the payment leaves out.
Practice
Getting pre-approved, inspecting, and reading the closing sheet.
Create
A purchase you could defend on paper.
Evidence
A true monthly cost, written down before you signed.
The real cost of owning
Rent versus mortgage payment is the wrong comparison.
- Understand45m
Add up every monthly cost of owning
Principal and interest, property tax, homeowners insurance, PMI if you put down under 20%, HOA dues, utilities you didn't pay as a renter, and maintenance. Then compare that total with your rent — not the payment alone.
You’ll have:A true monthly cost of owning.
- Understand40m
Price the closing costs before you fall in love with a house
Typically 2-5% of the purchase price on top of the deposit: origination, appraisal, title insurance, escrow prepayments, recording, inspection. Price them for your target range so the number is not a surprise at the table.
You’ll have:An estimated closing cost figure.
- Understand30m
Understand PMI and how to get rid of it
Below roughly 20% down, most conventional loans add private mortgage insurance. It protects the lender, not you. Learn when it can be requested off and when it must be removed automatically.
You’ll have:Your PMI rules, written down.
7 more actions · 6h 45m of work
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- Understand35m
Look at an amortisation schedule and see where the money goes
Buy it properly
The order of operations protects you.
- Practice1h 30m
Get pre-approved, not pre-qualified
- Practice2h
Never skip the inspection, whatever the market is doing
- Practice1h
Read the Closing Disclosure against the Loan Estimate
Own it well
The costs do not stop at the keys.
- Create30m
Open a house account and fund it monthly
- Practice45m
Check your escrow and appeal your assessment if it's wrong
- Evidence25m
Write down your true monthly cost and revisit it yearly
Tools this journey uses
Several actions above run straight through these. All free, no signup.